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Bitcoin ETF Sees Record Inflows as US Election Enters Critical Phase

Blockchain 2024-11-01 09:58:55 Source:

Bitcoin ETF Sees Record Inflows as US Election Enters Critical PhaseThe US election has entered a heated phase, and the world's largest Bitcoin ETF, iShares Bitcoin Trust ETF by BlackRock, witnessed an unprecedented inflow of $872 million on Wednesday. This surge is interpreted by the market as investors betting on a victory for Republican presidential candidate Donald Trump

Bitcoin ETF Sees Record Inflows as US Election Enters Critical Phase

The US election has entered a heated phase, and the world's largest Bitcoin ETF, iShares Bitcoin Trust ETF by BlackRock, witnessed an unprecedented inflow of $872 million on Wednesday. This surge is interpreted by the market as investors betting on a victory for Republican presidential candidate Donald Trump.

 Bitcoin ETF Sees Record Inflows as US Election Enters Critical Phase

Data compiled by Bloomberg indicates a significant influx of capital into the cryptocurrency market, directly linked to Trump's promises to make the US a global leader in cryptocurrencies. Trump has repeatedly expressed his admiration for the crypto industry and pledged strong policy support. Additionally, Democratic candidate Kamala Harris has also pledged support for a regulatory framework within the crypto asset industry, which is seen as positive for the market.

"There's a lot of demand for Bitcoin ETFs, and investors might be reacting to the momentum in Bitcoin and the odds of Trump winning," commented James Seyffart, ETF analyst at Bloomberg Intelligence. As betting markets grow increasingly bullish on Trump's victory, the Bitcoin spot market is also experiencing a "Trump rally," climbing above $72,000 and recording a gain exceeding 15% for the month.

At the time of writing, Bitcoin is down 2.92% on the day, trading at $70,100 per coin. However, despite the short-term pullback, the market generally believes the US election results will have a long-term and profound impact on crypto assets.

Both Trump and Harris have conveyed positive signals about crypto assets, indicating that the US government will continue to prioritize the future development of crypto assets regardless of who ultimately wins. This will create greater space for the crypto industry to grow, attracting further capital inflows.

Furthermore, the US election could also accelerate global adoption of digital currencies. With the US government actively promoting crypto, other countries will face increasing pressure to establish more comprehensive regulatory frameworks for crypto assets, paving the way for the future application of digital currency.

It is important to note that the recent fluctuations in Bitcoin prices are also linked to other factors, such as global inflationary pressures and monetary policies of central banks around the world. The market must remain vigilant about the impact of these factors on the crypto market, avoiding impulsive investments and taking a rational approach to market fluctuations.

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